Match Group, Inc. · NASDAQ:MTCH

Match — Q3 2025 Earnings Presentation

37 slides from Match's earnings presentation, Nov 4, 2025

  1. Slide 1: Q3 2025 Supplemental Materials

    Q3 2025 Supplemental Materials November 4, 2025

  2. Slide 2: Disclosures and Definitions

    Disclosures and Definitions Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures in addition to financial measures presented in accordance with U.S. GAAP. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of

  3. Slide 3: Q3 2025 Business Performance Snapshot

    Q3 2025 Business Performance Snapshot

  4. Slide 4: Q3 2025 Business Performance

    Q3 2025 Business Performance Total Revenue Direct Revenue Payers RPP Q3 2025 Q3 2025 Q3 2025 Q3 2025 $914M $897M 14.5M $20.58 +2% vs. Q3 2024 +2% vs. Q3 2024 (5)% vs. Q3 2024 +7% vs. Q3 2024 Net Income1 Adjusted EBITDA1 Operating Cash Free Cash Q3 2025 Q3 2025 Flow Flow $161M $301M YTD Sept 30, 2025

  5. Slide 5: Q3 2025 Business Unit Performance

    Q3 2025 Business Unit Performance 1 Direct $490.6 (3)% Y/Y $184.7 +27% Y/Y $152.2 (4)% Y/Y $69.1 (4)% Y/Y Revenue ($M) (4)% FXN +26% FXN (5)% FXN (4)% FXN Payers (000s) 9,258 (7)% Y/Y 1,873 +17% Y/Y 2,284 (13)% Y/Y 1,112 +6% Y/Y RPP $17.66 +5% Y/Y $32.87 +9% Y/Y $22.22 +10% Y/Y $20.73 (10)% Y/Y Oper

  6. Slide 6: Trended Financial Highlights

    Trended Financial Highlights

  7. Slide 7: Consolidated Total Revenue

    Consolidated Total Revenue In $ Millions $914 $895 $860 $864 $831 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Y/Y Growth 2% (1)% (3)% 0% 2% Y/Y FXN Growth 3% 1% (1)% (1)% 1% 7

  8. Slide 8: Consolidated Net Income & Adjusted EBITDA

    Consolidated Net Income & Adjusted EBITDA Net Income ($M) and Margin1,2 Adjusted EBITDA ($M) and Margin2 $158 $161 $343 $324 $136 $301 $290 $125 $275 $118 38% 38% 18% 33% 34% 33% 18% 15% 14% 15% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Net Income Net Income Margin Adj. EBITDA Adj.

  9. Slide 9: Consolidated Payers & RPP

    Consolidated Payers & RPP Payers (M) RPP 15.2 $20.58 14.6 14.5 $20.00 14.2 14.1 $19.26 $19.29 $19.07 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Y/Y Growth (3)% (4)% (5)% (5)% (5)% 5% 3% 1% 5% 7% 9

  10. Slide 10: Tinder Trended Performance

    Tinder Trended Performance Direct Revenue ($M) Payers (M) & RPP $503 9.9 $491 $17.66 $476 $461 $447 9.5 $17.14 9.3 9.1 9.0 $16.87 $16.72 $16.38 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Payers RPP Operating Income ($M) and Margin1 Adjusted EBITDA ($M) and Margin1 $234 $266 $226 $25

  11. Slide 11: Hinge Trended Performance

    Hinge Trended Performance Direct Revenue ($M) Payers (M) & RPP $31.96 $32.87 $185 $30.26 $30.42 $29.90 $168 1.9 $148 $152 1.7 $145 1.7 1.6 1.6 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Payers RPP Operating Income ($M) and Margin Adjusted EBITDA ($M) and Margin $63 $46 $42 $51 $54 $

  12. Slide 12: E&E Trended Performance

    E&E Trended Performance Direct Revenue Ex-Live1 ($M) Payers (M) & RPP 2.6 2.5 2.4 $158 2.3 2.3 $155 $152 $149 $148 $21.34 $22.22 $20.14 $20.80 $20.76 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Payers RPP Operating Income/(Loss) ($M) and Margin2,3 Adjusted EBITDA ($M) and Margin3 $31

  13. Slide 13: MG Asia Trended Performance

    MG Asia Trended Performance Direct Revenue Ex-Live1 ($M) Payers (K) & RPP 1,046 1,012 1,067 1,112 999 $69 $69 $69 $67 $64 $23.00 $21.95 $21.53 $21.23 $20.73 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Payers RPP Operating (Loss)/Income ($M) and Margin2 Adjusted EBITDA ($M) and Margin

  14. Slide 14: Free Cash Flow

    Free Cash Flow Annual & LTM FCF ($M) Quarterly Free Cash Flow ($M) and FCF Conversion % $963M $307M $882M $829M $252M $247M $231M $178M Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 2023 2024 LTM Q3'25 FCF Conversion % 66% 70% 81% 14

  15. Slide 15: Capital Returns

    Capital Returns Quarterly Capital Return Annual & LTM Capital Return $272M $241M $243M $47M $808M $753M $48M $141M $176M $546M $46M $117M $225M $195M $667M $130M Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 2023 2024 LTM Q3'25 Share Repurchases 1 Dividends Share Repurchases Dividends Diluted 267 260 256 249 245 %

  16. Slide 16: Leverage Ratios and Debt Maturity Schedule

    Leverage Ratios and Debt Maturity Schedule Gross and Net Leverage1 Debt Maturity Schedule ($M)2 3.4x 3.1x 3.1x 2.5x 2.4x 2.3x $575 $350 $700 $499 $450 $500 $500 $500 $500 12/31/2023 12/31/2024 9/30/2025 12/31/2023 12/31/2024 9/30/2025 2025 2026 2027 2028 2029 2030 2031 2032 2033 Exchangeable Notes S

  17. Slide 17: Appendix

    Appendix <3

  18. Slide 18: Trended Revenue Metrics

    Trended Revenue Metrics 2023 2024 2025 Year Ended December 31, YTD Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Revenue (in millions, rounding differences may occur) Direct Revenue: Tinder $ 441.1 $ 474.7 $ 508.5 $ 493.2 $ 481.5 $ 479.9 $ 503.2 $ 476.0 $ 447.4 $ 461.2 $ 490.6 $ 1,917.6 $ 1,940.6

  19. Slide 19: Trended Profitability Metrics

    Trended Profitability Metrics 2023 2024 2025 Year Ended December 31, YTD Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Net income attributable to Match Group, Inc. shareholders (in millions) Match Group $ 120.8 $ 137.3 $ 163.7 $ 229.7 $ 123.2 $ 133.3 $ 136.5 $ 158.3 $ 117.6 $ 125.5 $ 160.7 $ 651.5

  20. Slide 20: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended March 31, 2023 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 120,809 Add back: Net loss at

  21. Slide 21: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended June 30, 2023 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 137,345 Add back: Net income a

  22. Slide 22: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended September 30, 2023 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 163,727 Add back: Net inc

  23. Slide 23: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended December 31, 2023 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 229,658 Add back: Net inco

  24. Slide 24: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended March 31, 2024 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 123,198 Add back: Net income

  25. Slide 25: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended June 30, 2024 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 133,314 Add back:

  26. Slide 26: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended September 30, 2024 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 136,468 Add

  27. Slide 27: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended December 31, 2024 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 158,296 Add b

  28. Slide 28: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended March 31, 2025 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 117,570 Add back

  29. Slide 29: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended June 30, 2025 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 125,478 Add back:

  30. Slide 30: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended September 30, 2025 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 160,749 Add

  31. Slide 31: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Year Ended December 31, 2023 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 651,539 Add back: Net loss attribu

  32. Slide 32: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Year Ended December 31, 2024 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 551,276 Add back: Net

  33. Slide 33: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Nine Months Ended September 30, 2025 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 403,797 Add b

  34. Slide 34: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of GAAP Revenue to Non-GAAP Revenue, Excluding Foreign Exchange Effects Three Months Ended September 30, 2025 $ Change % Change 2024 (Dollars in millions, rounding differences may occur) Direct Revenue, as reported $ 896.7 $ 17.5 2% $ 879.2 Foreign exc

  35. Slide 35: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of GAAP Revenue to Non-GAAP Revenue, Excluding Foreign Exchange Effects Three Months Ended September 30, Three Months Ended December 31, 2025 $ Change % Change 2024 2024 $ Change % Change 2023 (Dollars in millions, rounding differences may occur) (Doll

  36. Slide 36: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Years Ended December 31, 2023 2024 LTM Q3'25 (Dollars in thousands) Net cash provided by operating activities $ 896,791 $ 932,719 $ 1,012,310 Capital expenditures (67,412) (50,578) (49,667)

  37. Slide 37: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA used in Leverage Ratios Years Ended December 31, 2023 2024 LTM Q3'25 (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 651,539 $ 551,276 $ 562,093 Add back: Net (loss) income attributabl

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